Photo for illustration.

Many products have growth prospects

The latest report of the General Statistics Office shows that in the first seven months of 2024, the export turnover of goods to the US market reached US$66.1 billion, an increase of 24.4 percent compared to the same period; import turnover from this market reached US$8.6 billion, increasing by 6.2 percent compared to the same period. The United States is currently the largest market for Vietnamese goods. At the same time, Vietnam is the leading country in Southeast Asia (ASEAN) in exports to the United States. On the contrary, Vietnam is the 8th largest trading partner of the United States and the 6th largest import market for US goods.

According to Do Ngoc Hung, trade counselor of Vietnam in the US, it is predicted that in the coming time, exports to the United States will continue to recover and grow as market demand increases and inventories decrease.

The representative of the Vietnam Trade Office in the United States also said that many key export products have great potential to expand exports to this market, such as textiles and garments.

It is forecasted that Vietnam's textile and garment exports to the United States may continue to increase in the near future as the Fall-Winter season is coming and suppliers actively buy reserve goods before the election in November 2024.

Therefore, Do Ngoc Hung suggested that the industry continue to pay attention to US regulations on the UFLPA law (preventing forced labor of Uyghur people), coordinate with the Ministry of Industry and Trade, and the Trade Department reflected promptly with the US Customs and Border Protection to promptly resolve shipments stopped at the border gate; coordinate with the Trade Promotion Department to actively and effectively participate in the International Textile, Garment and Footwear Magic Show held in Las Vegas in the near future.

Continue to innovate and improve product value

Electronic products and components are assessed to have high export potential to the US market.

Because exporting electronics, computers and components has become a key export item, contributing to stabilizing the macro economy, creating jobs, improving the income of workers, directly increasing production value, having a pervasive impact on the development of related industries, improving labor and domestic production levels to meet the increasing requirements of the international market. Thus, investors, including the United States, are increasingly investing in this field. Therefore, according to Mr. Hung, businesses need to continue to meet quality requirements, improve added value content and ensure they meet requirements on rules of origin.

In addition, the counselor of the Vietnam Trade Office in the United States also recommended that businesses in the industry continue to promote innovation, strongly apply scientific and technological advances, increase localization rates and technology content in each product; constantly improve production capacity and competitiveness to participate more deeply in the global supply chain and value chain.

The Vietnam Trade Office in the United States will continue to promote the export of Vietnamese products to the United States such as textiles, footwear, wooden furniture, agricultural products and many other products to increase the export turnover of these products to the US market, promoting positive information and introducing customer connections to Vietnamese export businesses.